Using the direct write-off method of accounting for uncollectible receivables. Feb. 20 Received $1,000 from Andrew Warren and wrote off the remainder owed of $4,000 as uncollectible. May 10 Reinstated the account of Andrew Warren and received $4,000 cash in full payment.
Required:Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles.
Answers
Answer:
Entries for the journal are as follows
Explanation:
February 20
As we have received the cash from Andrew we will debit the cash and we know that we cant recover the remaining amount, we will debit the bad debt as expenses are of debit nature and will credit the account receivable as it is No more our receivable
Entry: Cash $1000 (Debit)
Bad debt $4000 (Debit)
Account receivable $5000(Credit)
May 10
Now we have received the payment from the Andrew that we wrote off on feb 20 Now we have to somehow reverse the entries as follows
Entry: account receivable $4000(Debit)
Bad debt expense $4000(credit)
Cash $4000(debit)
Account receivable $4000 (credit)
Answer:
Given:
Feb. 20: Received $1,000 from Andrew Warren and wrote off the remainder owed of $4,000 as uncollectible.
May 10: Reinstated the account of Andrew Warren and received $4,000 cash in full payment
Required: Journalize using direct write-off method of accounting for uncollectible receivables.
Journalize:
February 20
Bad Debt Expense Dr.: 4000(debit)
Cash Dr.: 1000(debit)
Accounts Receivable Cr.: (4000+1000) 5000(credit)
_______________________
May 10
Accounts Receivable Dr.: 4000(debit)
Bad Debt Expense Cr.: 4000(credit)
Cash Dr.: 4000(debit)
Accounts Receivable Cr. 4000(credit)
Related Questions
What is productivity?
A. quantity of input per unit of output
B. quantity of output per unit of input
C. Quality of output per unit of input
D. quality of input per unit of output
Answers
On January 1, 2010, North Co. sold equipment and accepted in exchange a $600,000 zero-interest-bearing note due on January 1, 2013. The effective rate of interest for a note of this type at 1/1/10 was 10%. Assume the present value of $1 at 10% for three periods is 0.75. What amount of interest revenue should be included in North's 2011 income statement?
Answers
Answer:
$49,500
Explanation:
Calculation for what amount of interest revenue should be included in North's 2011 income statement
First step is to find Zero-interest-bearing note due balance
Zero-interest-bearing note due balance
=$600,000 *0.75*10%
Zero-interest-bearing note due balance= $45,000
Second Step will be to calculate the interest revenue
Interest revenue=($450,000 + $45,000) *10%
Interest revenue= $495,000*10%
Interest revenue=49,500
Therefore what the amount of interest revenue should be included in North's 2011 income statement is $49,500
How have cloud-based applications changed the way people edit documents?
Answers
We can actually deduce here that cloud-based applications has changed the way people edit documents by allowing multiple users to access, review and edit a document in real time but from different locations.
What is cloud-based application?A cloud application is actually known to be a software application that is known to be deployed in a cloud environment and not actually hosted on a local server but accessible via the internet.
Cloud computing is the technology that is changing how people store and share files. Documents can be stored in the cloud system for years and accessed from anywhere and at anytime.
We see here that with cloud collaboration multiple users can work on a document at real time.
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What are the issues when new product development is conducted at multiple sites? How can these issues be addressed?
Answers
Answer:
안녕 난 상관 없어 무료 포인트 고마워
Explanation:
머리가 제일?
At what percentage of credit card usage, does it start affecting your score in a negative way?
Answers
Answer:
3%
Explanation:
ratio of 80 or 90 percent or more highly negative impact on your credit score.
In an unrelated acquisition, if five firms are interested in acquiring a firm and each of the bidding firms had a current market value of $30,000 while the current market value of the target firm is $20,000, this acquisition is likely to generate economic profits of ________ for the acquiring firm.
Answers
Answer:
It is not possible to determine the economic profits that the acquiring firm will generate from the acquisition based on the information provided.
The economic profits of an acquisition depend on various factors such as the price paid for the target firm, the synergies and efficiencies that can be realized by combining the two firms, and the potential growth and profitability of the target firm in the future.
In this scenario, it is only stated that five firms are interested in acquiring a firm with a current market value of $20,000, and each bidding firm has a current market value of $30,000. This information alone does not provide enough detail to calculate the expected economic profits for the acquiring firm.
Therefore, additional information such as the final acquisition price and other factors that could impact the acquisition's profitability would be needed to determine the economic profits generated by the acquisition.
Explanation:
If a business owner wants to succeed, their business has to find their competitive advantage within one of the four main types of competitive structures: perfect competition, monopolistic competition, oligopoly, and monopoly. Select two different types of businesses in your community and determine the competitive advantage of each within its competitive structure. Name the businesses you selected and explain what products or services they sell that make them fit in that structure.
Answers
Business 1: A local coffee shop. The competitive structure it operates within is monopolistic competition. The competitive advantage of this coffee shop is its unique blend of coffee beans, cozy ambiance, and friendly customer service.
What is the competitive advantage?Business 2: A local grocery store. The competitive structure it operates within is oligopoly. The competitive advantage of this grocery store is its convenience, variety of fresh produce, and low prices.
Therefore, These are just examples and the actual businesses in your community may be different, but the idea of finding a unique selling point or advantage within the competitive structure they operate in is a common factor for success.
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Describe an ethical dilemma related to work quality.
Answers
Answer:
an example could be if you work for a fast food place you could be making the food fast but your being judge on how it looks when your done like the quality of the meat the cheese how much you put like thats the work quality how good of a job are you doing with your work and what it looks like when its finished.
Explanation:
A quality inspector visits a factory and finds that the company uses substandard materials in its production. He feels obligated to write this in his report. However, he remembers the company's operations are managed by his best friend's father. It would be an example of an ethical dilemma related to work quality.
What is an ethical dilemma related to employee relations?Ethical dilemma refers to the a situation in which a difficult choice has to be made between two courses of action, which of them go beyond the moral principle.
An employee noticed workplace discrimination against some employees who belongs to a particular racial group in the branch where he works, even though company policy condemns such, but the local manager doesn't take complaints about the matter seriously. Headquarters sent representatives to the branch to find such issues and an opportunity is given to report these issues at workplace.
However, he still remembers that the manager gave him the opportunity by employing him despite his limited work experience when he interviewed for the job some months ago. It would be an example of ethical dilemma to employee relations.
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Moon Company sells Product Q at $6 a unit. In 20XO fixed costs are expected to be $200,000 and variable costs are estimated at $4 a unit. How many units of Product Q must Moon sell to generate operating income of $40,000
Answers
Answer:
Break-even point in units= 120,000
Explanation:
Giving the following information:
Selling price= $6
Unitary variable cost= $4
Fixed costs= $200,000
Desired profit= $40,000
To calculate the number of units to be sold, we need to use the following formula:
Break-even point in units= (fixed costs + desired profit)/ contribution margin per unit
Break-even point in units= (200,000 + 40,000) / (6 - 4)
Break-even point in units= 120,000
Can anyone help??? pls
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QUESTION 3 of 10: Which of the following demonstrate your restaurant's concept?
Answers
The thing that demonstrate your restaurant's concept is a) your food.
What is restaurant concept ?A restaurant is a place of business that prepares and provides customers with food and beverages. Although many restaurants also provide take-out and food delivery services, meals are often served and consumed on the premises. Within the hospitality industry, which is a subset of the larger service industry, restaurants, bars, and other similar enterprises typically belong under the "food and drink" category.
The topic that characterizes your restaurant serves as your restaurant concept. Restaurant themes describe the overarching theme or philosophy that underpins a restaurant's menu, service method, and musical selection.
Therefore, option A is correct.
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missing options:
a) Your food b) Your staff c) Your presentation d) All of the above. d) All of the above.
The director decides to move forward to fix this issue.
"I'd like you to come up with a strategy to fix this misperception by consumers. I want this strategy to create an almost involuntary reaction in the consumer of thinking 'good-tasting cookie' whenever they see 'Cocoa Cremes'."
"I think once they learn and remember that the cookie brand stands for an enjoyable eating experience, we may see an increase in sales."
Which strategy would you recommend to the director?
Answers
You will recommend developing an advertising strategy that pairs image of people eating and enjoying cookies .
Elaborating:This is primarily due to the fact that the company is compelled to show customers a product commercial with two pictures of people eating and enjoying cookies bearing the brand name. which will undoubtedly recall the advertising campaign and brand name.
Every time they see advertising that uses the brand name, customers would be encouraged to try the product. Your brand's exposure through this strategy will undoubtedly result in increased sales. Customers will begin to view the brand in a more favorable light as a result of this positive influence.
Despite the fact that managers frequently employ both mental models, they frequently fail to recognize the differences. Additionally, decision-makers fall prey to mental pitfalls as a result of this lack of awareness. We can avoid falling into these traps and make better decisions if we understand backward and forward thinking.
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what is the real name of rocky
Answers
Let MAC1 = 100 – 10E and MAC2 = 50 – 10E. Graph each function and compute the aggregate MAC curve. Let MD = 30E, compute the socially efficient equilibrium. For the equations given above, suppose the government sets the pollution level at four units. What are the net social costs of this policy?
Suppose a technological change occurs that reduces the marginal costs of abatement for polluter 1 in the above equation to that of polluter 2. How does this affect the socially efficient level of pollution? Solve numerically and graphically.
Answers
If the marginal costs of abatement for polluter 1 become equal to polluter 2, it does not impact the socially efficient level of pollution. The level is still determined by equating Marginal Damage with the Aggregate MAC.
To graph each function, we can plot MAC1 and MAC2 on a graph with the quantity of emissions (E) on the x-axis and the marginal abatement cost (MAC) on the y-axis.
For MAC1: MAC1 = 100 - 10E
For MAC2: MAC2 = 50 - 10E
To compute the aggregate MAC curve, we add the individual MAC curves together. So, Aggregate MAC = MAC1 + MAC2.
Aggregate MAC = (100 - 10E) + (50 - 10E) = 150 - 20E
Now, let's calculate the socially efficient equilibrium by setting the Marginal Damage (MD) equal to the Aggregate MAC.
MD = Aggregate MAC
30E = 150 - 20E
Simplifying the equation, we get:
50E = 150
E = 3
Therefore, the socially efficient equilibrium occurs when the quantity of emissions (E) is 3.
Now, let's calculate the net social costs of the policy when the government sets the pollution level at four units.
Net social costs = Aggregate MAC - MD
Net social costs = (150 - 20(4)) - (30(4))
Net social costs = 110 - 120
Net social costs = -10
The net social costs of this policy would be -10, indicating a net benefit to society.
If a technological change occurs that reduces the marginal costs of abatement for polluter 1 to that of polluter 2, it means that MAC1 will become equal to MAC2.
Setting MAC1 equal to MAC2:
100 - 10E = 50 - 10E
Simplifying the equation, we find that E can have any value, as both sides are equal.
Graphically, this change would mean that MAC1 and MAC2 become parallel lines on the graph, with the same slope and intercept. The socially efficient level of pollution would still be determined by equating MD with the aggregate MAC.
In conclusion, if the marginal costs of abatement for polluter 1 become equal to polluter 2, it does not affect the socially efficient level of pollution. The socially efficient level is still determined by equating the Marginal Damage with the Aggregate MAC, regardless of the marginal costs of individual polluters.
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Outsourcing can give short term
Answers
Short-term outsourcing is available and may provide you quick fixes and immediate resolutions, you have to see outsourcing as a business partnership that can last beyond a decade. Quick fixes, after all, are incapable of producing long-term rewards.
A company function or any particular business activity may be outsourced to specialist organizations. The corporation often outsources the non-core functions like sanitization, security, home, pantry, etc. The business and the agency enter into a legal contract.
The necessary personnel are then provided to the firm by the agency. The agency bills the business for their services and reimburses them by paying their workers' salaries. Outsourcing is on the rise as a result of global competition. Companies may enhance their profitability and improve the quality of their products by concentrating on their core competencies with the aid of outsourcing.
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The price elasticity of supply reflects the flexibility of firms to increase or decrease the quantity supplied.
Which of the following does NOT increase flexibility?
Answers
So far in this chapter, all of the elasticity metrics have been related to the demand side of the market. Knowing how sensitive the amount given is to a change in pricing is also helpful.
Let's say there is a surge in apartment demand. There will be a dearth of flats available at the previous level of rent, which will put pressure on rents to increase. With all other factors remaining constant, the lower the rise in rent necessary to address the shortfall and restore market equilibrium, the more sensitive the supply of available flats is to changes in monthly rates. In contrast, price would need to climb more if quantity provided is less responsive to price changes, resulting in a shortage brought on by a spike in demand.
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One of the flaws of Al-assisted translation tools is? A. work best on text with idiomatic expression and complex phrasing B. they get the gist of the text, but not an exact translation C. they only work well when a text contains a significant amount of abstract ideas they are more expensive that having a human do the translation work D. they process language , not read it for understanding
Answers
D. They process language, not read it for understanding.
AI-assisted translation may work well when literal translation is needed, that is, when translation must be free of any form of interpretation, since interpretation is inextricably linked with subjectivity, abstraction and irrational or surreal elements on human thinking.
AI-assisted translation can translate literal meaning of words and literal structure of grammar, but it cannot understand the sense behind words and sentences.
Therefore, we conclude that right answer is D.
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(Economics)
In an essay of at least two well-developed paragraphs, explain the global benefits of international trade and multinational corporations.
Answers
International trade refers to the exchange of goods and services across national borders. It plays a significant role in promoting economic growth and providing several global benefits.
One of the primary advantages of international trade is that it allows countries to specialize in producing goods and services in which they have a comparative advantage. This means that countries can focus on producing goods that they can produce more efficiently and at a lower cost compared to other countries. As a result, resources are allocated more efficiently, leading to increased productivity and higher standards of living.Furthermore, international trade enables countries to access a wider variety of goods and services that may not be available domestically. This increases consumer choices and provides opportunities for individuals to enjoy a higher quality of life. For example, consumers in a landlocked country can still enjoy fresh seafood by importing it from coastal countries. Similarly, individuals in colder climates can purchase tropical fruits from countries where they are grown.Multinational corporations (MNCs) also contribute to the global benefits of international trade. These are companies that operate in multiple countries, with business activities ranging from production to distribution. MNCs play a crucial role in facilitating international trade by establishing global supply chains, investing in foreign markets, and creating jobs. They bring capital, technology, and managerial expertise to host countries, which can lead to economic development and improved living standards.Moreover, MNCs often engage in research and development (R&D) activities, driving innovation and technological advancements. This can have far-reaching benefits for both the host country and the global economy. For instance, a multinational pharmaceutical company conducting R&D in a developing country may discover new drugs or medical treatments that can benefit people worldwide.In conclusion, international trade and multinational corporations provide numerous global benefits. They promote specialization, resource allocation efficiency, and access to a wider variety of goods and services. Additionally, MNCs contribute to economic development, job creation, innovation, and technological advancements. Overall, international trade and MNCs play a crucial role in fostering economic growth and improving the well-being of individuals and nations around the world.
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1. What information is provided by the budget? Specifically, what questions can the bank manager ask of the Operations Department
manager?
2. What information does the static budget fail to provide? Specifically, could the budget information be presented differently to
provide even more insight for the bank manager?
Answers
Answer:
Some of the information provided by the budget is...
fixed costs - items such as rent, salaries and financing costs
variable costs - including raw materials and overtime
one-off capital costs - purchases of computer equipment or premises, for example
Some interview questions include:
What would you say is your leadership style?
You have an underperforming team member–how do you handle that?
Your team's morale has been low–how would you go about fixing that?
Tell me about a past project that did not go as planned.
2. One key disadvantage of a static budget is that it is not flexible and so it cannot be changed to take advantage of changes in revenue or expenses as the year proceeds. With a static budget, companies cannot manage the impact of changes, for example, by decreasing a portion of the budget in response to slow sales.
Explanation:
Hopefully this helps!
meaning use of proof readers sign
Answers
Answer:
Explanation:
To make it easy for other people in the business to change the mistakes without having to search or read messy handwriting
Cost and service trade off
1.Explain cost and service trade off in distribution.
Answers
Is it more common for bonds to be sold at a discount or a premium? Explain, why?
Answers
Answer:
In a time of rising rates, bonds are bought at a discount to par for roughly the same reason.
Explanation:
There will be a higher amount of bonds selling at a premium in the market during those times when interest rates are falling. This happens because investors are getting more income from them. In a time of rising rates, bonds are bought at a discount to par for roughly the same reason.
Answer:
A bond might trade at a premium because its interest rate is higher than the current market interest rates. The company's credit rating and the bond's credit rating can also push the bond's price higher. Investors are willing to pay more for a creditworthy bond from a financially viable issuer.
Explanation:
pls tell me if wrong or not helpful
The following lots of Commodity Z were available for sale during the year.
Line Item Description Units and Cost
Beginning inventory 8 units at $51
First purchase 19 units at $52
Second purchase 54 units at $57
Third purchase 15 units at $61
The firm uses the periodic inventory system, and there are 25 units of the commodity on hand at the end of the year.
What is the ending inventory balance of Commodity Z using LIFO?
a.$1,275
b.$1,292
c.$1,485
d.$5,389
Answers
Answer:
D 5,389
Explanation:
Multiply then add 4 times
Which of the following is an example of an employee benefit for which money is deducted from your paycheck?
Answer: B. Heath insurance
Answers
As an example of an employee benefit, health insurance is one that is paid for out of your income. As a result, choice (B) is accurate.
One sort of insurance that covers all or a portion of the risk of a person needing medical care is health insurance, sometimes referred to as medical insurance or medical aid in South Africa.
Risk is divided among several people, much as other forms of insurance. An insurer can create a standard financial framework, such a monthly premium or payroll tax, to raise the funds necessary to pay for the medical benefits outlined in the insurance agreement by evaluating the income entire risk of health risks and health system expenditures across the risk pool.
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Who will be the first Trillonare in this world ?
Answers
The person who is expected to become the first Trillionaire is Jeff Bezos, founder, and CEO of Amazon.
According to a study conducted by Comparison, Jeff Bezos could become the world’s first Trillionaire by the year 2026. This prediction was made on the basis of the average percentage of growth of Bezos’ net worth over the last five years. The study also highlighted that Bezos’ wealth has grown by an average of 34% over the last five years. At this rate of growth, his net worth could reach $1 trillion by the year 2026.
However, the current COVID-19 pandemic has had a negative impact on the economy, and Bezos’ net worth has already decreased by over $20 billion since the start of the pandemic. Despite this, it is still possible that Bezos may become the world’s first Trillionaire in the future, but there are also other contenders who could reach this milestone, such as Elon Musk, CEO of Tesla and SpaceX. However, as of now, there is no confirmed Trillionaire in the world.
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i am meeting my new team, which I will directly supervise for the first time. I introduce myself and jump right into the agenda items for the jobs each team member will be assigned. I am using ______.
Answers
Write an elevator pitch for someone that will start their own beauty salon/barber shop
Answers
An effective technique to introduce your company's goals and pique interest in your goods or services is through an elevator pitch. A compelling pitch will draw in potential.
Product: What does that mean?The object being sold is referred to as a product. A service or even an object both qualify as products. It might take on a physical, virtual, or cyber form. Every product has a cost associated with it, and each one has a price.
Is a remedy a thing?The easiest way to distinguish between a product and a solution is to say that a product is what you have made and what it is capable of. A business outcome who offers your clients quantifiable value is a solution.
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The Montgomerys borrowed $107,000 at 7.50% for 30 years to purchase a house. Find the total interest the Montomerys will pay if they pay the loan on schedule. Click the icon to view the monthly payment of principal and interest table. OA. $162,254.80 OB. $149, 158.00 OC. $177,662.80 OD. $168,803.20
Answers
The total interest the Montgomerys will pay if they pay the loan on schedule is approximately $163,072.
To find the total interest the Montgomerys will pay over the course of the loan, we can calculate the monthly payment and then subtract the principal borrowed.
First, we need to calculate the monthly payment using the loan amount, interest rate, and loan term. We can use the formula for calculating the monthly payment on an amortizing loan:
Monthly payment =\(P * r * (1 + r)^n / ((1 + r)^n - 1)\)
Where:
P = Principal amount borrowed = $107,000
r = Monthly interest rate = Annual interest rate / 12 = 7.50% / 12 = 0.625%
n = Total number of payments = 30 years * 12 months/year = 360 months
Plugging in the values, we have:
Monthly payment = $107,000 * 0.00625 * (1 + 0.00625)^360 / ((1 + 0.00625)^360 - 1)
≈ $750.20
The monthly payment of principal and interest is approximately $750.20.
To find the total interest paid, we can multiply the monthly payment by the total number of payments and subtract the principal borrowed:
Total interest paid = (Monthly payment * Total number of payments) - Principal borrowed
= ($750.20 * 360) - $107,000
≈ $270,072 - $107,000
≈ $163,072
Therefore, the total interest the Montgomerys will pay if they pay the loan on schedule is approximately $163,072.
None of the provided answer options match the calculated value. However, based on the calculation, the closest option is OA. $162,254.80.
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NEED HELP ASAP
Cardinal Company is considering a five-year project that would require a $2,915,000 investment in equipment with a useful life of five years and no salvage value. The company’s discount rate is 16%. The project would provide net operating income in each of five years as follows:
Sales $ 2,863,000
Variable expenses 1,014,000
Contribution margin 1,849,000
Fixed expenses:
Advertising, salaries, and other fixed out-of-pocket costs $ 781,000
Depreciation 583,000
Total fixed expenses 1,364,000
Net operating income $ 485,000
14. Assume a postaudit showed that all estimates (including total sales) were exactly correct except for the variable expense ratio, which actually turned out to be 45%. What was the project’s actual payback period? (Round your answer to 2 decimal places.)
Answers
If the discount rate increases, then net present value will decrease.
So, you would expect the project's net present value to be lower.
How to solveInitial Investment = $2,915,000
Useful Life = 5 years
Annual Net Cash flows = Annual Net Operating Income + Depreciation
Annual Net Cash flows = $485,000 + $583,000
Annual Net Cash flows = $1,068,000
Answer 8.
Simple Rate of Return = Annual Net Income / Initial Investment
Simple Rate of Return = $485,000 / $2,915,000
Simple Rate of Return = 16.64%
Answer 5.
Present Value of Cash Inflows = $1,068,000 * PVA of $1 (16%, 5)
Present Value of Cash Inflows = $1,068,000 * 3.27429
Present Value of Cash Inflows = $3,496,941.72
Profitability Index = Present Value of Cash Inflows / Initial Investment
Profitability Index = $3,496,941.72 / $2,915,000
Profitability Index = 1.20
Answer 7.
Payback Period = Initial Investment / Annual Net Cash flows
Payback Period = $2,915,000 / $1,068,000
Payback Period = 2.73 years
Answer 9.
If the discount rate increases, then net present value will decrease.
So, you would expect the project's net present value to be lower.
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On February 3, Easy Repair Service extended an offer of $138,000 for land that had been priced for sale at $158,000. On February 28, Easy Repair Service accepted the seller's counteroffer of $150,000. On October 23, the land was assessed at a value of $225,000 for property tax purposes. On January 15 of the next year, Easy Repair Service was offered $240,000 for the land by a national retail chain. At what value should the land be recorded in Easy Repair Service's records?
Answers
The value that the land should be recorded at in Easy Repair Service's records as a result of the land being priced for sale and being assessed for tax purposes, is the original cost of $150, 000.
What should the land be recorded at?When it comes to recording the value of land, the Cost concept principle applies which is that the land should be recorded at the original cost. This is because land is a fixed asset that does not lose value and might instead increase in value. To avoid confusion, land is then recorded at its original cost.
This original cost is the price that a company or individual acquired the land from the previous owner. In this case, Easy Repair Service accepted a seller offer of $150, 000. This is therefore the value of the land and what the land should be recorded at in Easy Repair Service's records.
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